Adedapo Adesanya
By Adedapo Adesanya
The confidence of the Naira against the United States Dollar was boosted at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday.
Business Post reports that the local currency appreciated by 33 kobo or 0.08 per cent yesterday to exchange at N416.00/$1 compared with N416.33/$1 of the previous session.
Low forex transactions at the spot market helped the domestic currency get back on its feet on the final trading day of the week and with enough FX to meet the demands of customers, it was certain that it would close stronger.
The value of FX trades at the market segment stood at $81.29 million, 28.5 per cent or $32.42 million lower than the $113.71 million recorded at the preceding session.
However, the Nigerian currency was not lucky at the interbank window as it depreciated against the American currency by 17 kobo to N416.33/$1 from N416.16/$1 quoted at Thursday’s session.
In the same vein, the Naira lost 10 kobo against the Pound Sterling to sell for N557.38/£1 versus N557.28/£1 it closed a day earlier and against the Euro, the Naira ended stronger by 94 kobo to quote at N463.58/€1 in contrast to the preceding day’s N464.52/€1.
Meanwhile, the cryptocurrency market traded mixed yesterday, though the bulls dominated the space, with seven of the 10 digital coins tracked closing in the green region.
Ethereum (ETH) gained 4.7 per cent to sell at N1,460,807.21, Dash (DASH) appreciated by 2.8 per cent to N54,841.14, Bitcoin (BTC) rose by 1.4 per cent to trade at N21,734,405.94, Litecoin (LTC) grew by 1.3 per cent to sell at N62,930.00, Tron (TRX) improved by 1.0 per cent to sell at N33.14, Ripple (XRP) appreciated by 0.9 per cent to N367.44, while Dogecoin (DOGE) jumped by 0.7 per cent to trade at N84.07.
Conversely, the United States Dollar Tether went down by 1.1 per cent to quote at N578.31, Binance Coin (BNB) dropped 0.3 per cent to trade at N160,431.37, while Cardano (ADA) depreciated by 0.1 per cent to sell at N621.15.
